Michael Zuber: Why the Average American Won’t Make It Without Rentals

Summary

Podcast Summary: BiggerPockets Real Estate Podcast

Episode: Michael Zuber: Why the Average American Won’t Make It Without Rentals
Date: April 22, 2026
Guests: Michael Zuber (One Rental at a Time), Dave Meyer, Henry Washington, David Greene

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Episode Overview

This episode centers on the urgent need for Americans to secure their financial future by investing in real estate–especially rentals–amid rising costs, stagnant wages, and increasing job insecurity. Featuring experienced investor Michael Zuber, the discussion hammers home why 2026 presents a uniquely favorable environment for buy-and-hold investors. Michael shares battle-tested strategies, including his “buy box” approach, methods for analyzing deals with limited time, and the importance of discipline and long-term perspective. The hosts and guest emphasize practical, actionable tactics for both new and established investors, with pointed commentary on market trends, risk, and how to stay resilient in changing times.

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Key Discussion Points and Insights

1. Why Rentals Are Critical for the Average American

• Financial insecurity & side income:
  • With layoffs increasing and expenses up, relying solely on a traditional job is riskier than ever.
  • "You need a plan to create your own income because expenses are up while wages are not, and every day brings more layoffs. So you can't just rely on a company to sustain your livelihood for the next couple of decades. You need something of your own." – Dave Meyer (00:02)
  • Real estate, specifically rental property, is positioned as a time-tested method for building stable, scalable income.

2. Why 2026 Is the Best Market for Investors in a Decade

• More options, less competition:
  • Michael explains an unexpectedly favorable market: inventory is up, competition among buyers is down, and sellers are increasingly motivated.
  • "2026 is going to be a horrible year for everyone except BiggerPockets and One Rental at a Time fans... Investors make money when we have more options and less competition. This is the best real estate market for bigger pockets in a freaking decade." – Michael Zuber (04:31, 05:09)
• Record relistings & slow buyer demand:
  • With 60% of buyers delaying or exiting the market, opportunities are rife for disciplined investors to negotiate aggressively.

3. The "Buy Box" Strategy: Focus and Discipline

• Definition and application:
  • Create a focused, micro-level set of investment criteria (“buy box”)—for example, a specific zip code, property size, and type.
  • “I believe every investor should have what I call a buy box. It’s a focused set of criteria that produces a finite list of opportunities.” – Michael Zuber (06:54)
  • Keep the list to 20–40 active listings for efficient daily analysis (~20 minutes/day).
  • The goal: Understand what an "average" deal is for your buy box before writing a single offer.
• Avoiding random offers:
  • "Most people can only buy one deal. I don't want anybody in my world to do an average deal. We are only going to do great or legendary deals. If an average deal is three and a half percent, I don't want you doing anything less than five and a half or six." – Michael Zuber (09:22)

4. Analyzing Properties—The “Yield” Formula

• Simple but rigorous:
  • Yield = (Yearly expected cash flow) ÷ (All-in cost: down payment + closing costs + rehab/make-ready)
  • "There are really only two numbers that matter to calculate yield... That is your top number, and your bottom number.” – Michael Zuber (21:00)
  • Need to research specific rent, taxes, insurance, and expenses for your buy box; avoid making assumptions.
• Don’t account for appreciation:
  • “Appreciation is smoke. It's just smoke. It's not real until the day you sell. And I'm a long term buy and hold investor." – Michael Zuber (31:26)
  • Build equity by buying below value in today’s market and focus on immediate returns.

5. The Importance of Daily, Consistent Action

• 20 minutes per day > 5 hours once a week:
  • The discipline of checking the market daily gives investors the edge; markets shift, and repetition is key for learning.
  • "It was really a time constraint because... I only could allocate 20 to 30 minutes a day... And I found that I could go through 20 to 40 active listings in 30 minutes." – Michael Zuber (10:25)
• Patience, not gambling:
  • Don’t rush into deals. It typically takes 90–120 days to truly understand what constitutes an average or exceptional deal in your buy box.

6. Cash Reserves: The Key to Longevity

• Surviving downturns and surprises:
  • Real estate ownership, not just acquisition, demands capital for repairs, vacancies, and opportunities.
  • Michael recounts nearly losing everything on his first deal due to a disastrous tenant.
  • "If you don't have reserves, you're gonna get busted out." – Michael Zuber (24:38)
  • "The way you lose money in real estate is being forced to sell, right? That's it. Never be that. If you stay alive, you're going to be all right." – Henry Washington (26:50)

7. Creative Deal Structures and Negotiation in 2026

• Take advantage of high equity and low competition:
  • With so many properties owned free and clear or with high equity, creative offers—such as lowball cash or seller financing—are more viable now than in past markets.
  • "I'm basically writing two offers on properties that I want. I'm writing a ridiculous offer, disrespectful cash offer... and then I'm going to write a second offer with seller financing." – Michael Zuber (28:29)
• This is the best time for creative offers:
  • "This is the best market for that kind of offer. …I'm investing in the crash, but that didn't make sense, right? Everything was leveraged. …Today is the best opportunity, most equity." – Michael Zuber (30:31)

8. The American Wealth Trap and the Urgency of Taking Action

• The "Average" American is falling behind:
  • "I just changed my opinion on this. So for the longest time, I believe the average American could get rich. I now no longer believe that. ...Don't be average." – Michael Zuber (39:30)
  • Corporate job security is gone; entrepreneurship or side-income streams are now essential.
  • “Just relying on a company to sustain your livelihood is no longer the comfort that it used to be. We have to do something more now.” – David Greene (41:03)

9. Tactical Ways to Spot Value

• Convert bedrooms, add ADUs, watch local trends:
  • Michael suggests value-add tactics like converting 2-bed to 3-bed units or learning what sells fast (corner lots, specific features).
  • "If you're in a market where ADUs are a thing, you're going to learn that... having this tight buy box, you not only learn that, but you also learn what other people are doing because some properties are being sold." – Michael Zuber (45:19)
• Network with other investors and local agents:
  • Meet other investors buying in your buy box, compare notes, and learn who your real local competition is.
  • “One of my rules is go meet two new people a week. And if you do that for a year, that’s a hundred freaking people.” – Michael Zuber (47:13)

10. Michael’s Current Strategy and Buy Box

• New Construction for Legacy:
  • Building a portfolio of new construction homes in Las Vegas as a more manageable legacy for his daughter.
• Opportunistic Play for Busted Syndications:
  • Positioning for distressed multifamily/apartment deals as over-leveraged syndications unravel, aiming for deep discounts (100–200 units, 50–60 cents on the dollar).
  • "That's what I'm looking for. If it happens, great. If not, I'll pay off some debt and, you know, move on. But I think there's going to be an opportunity in the next 18 months to, you know, turbocharge the portfolio via busted syndications." – Michael Zuber (51:17)

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Notable Quotes & Memorable Moments

• "If you decided to invest in something, the goal is to buy low and sell high. You don't just get to buy low because you feel like it. You have to buy low because the conditions indicate an opportunity to do so." – David Greene (11:51)
• "Do the work. Do the work, do the work." – Michael Zuber (09:57)
• "It's just the math is still so compelling. It's just not what a lot of people on the Internet are screaming about right now. And I mean, just be smarter than that. See past that..." – Henry Washington (34:52)
• “This is the most stable business that you can come up with. You don’t have to think that hard. You have to be good at it... But you don't have to be Steve Jobs.” – Henry Washington (43:47)
• “[Appreciation] is going to be a while before you get it again.” – David Greene (32:49)

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Timestamps for Key Segments

• 02:00–03:48 – Michael Zuber’s background, brush with the dot-com crash, and his path into real estate
• 04:31–06:06 – Why 2026 is optimal for investors: inventory, competition, opportunity
• 06:54–09:55 – Creating a buy box, daily discipline, and the “legendary or nothing” standard
• 21:00–22:55 – The yield formula: How to analyze deals simply and rigorously
• 24:47–27:20 – The importance of reserves, staying in the game, and horror stories from Michael’s early days
• 28:29–30:31 – Leveraging creative finance and high-equity strategies unique to today’s market
• 31:26–34:05 – Why you should ignore appreciation and focus on making money on the buy
• 39:30–43:47 – The decline of average financial futures, why entrepreneurship is now essential
• 45:19–48:04 – Recognizing value-add opportunities, monitoring local trends, community networking
• 49:38–51:17 – Michael’s current buy box and plans for new construction & multifamily syndication busts

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Actionable Takeaways

• Lock in your buy box—keep it focused and tight.
• Be disciplined: analyze the market daily, not sporadically.
• Wait 90 days before writing offers; learn what’s average in your niche.
• Calculate yield using only real, cash-on-cash returns—ignore speculation.
• Maintain strong cash reserves to weather storms and seize sudden opportunities.
• Explore creative negotiations (seller finance, deep discounts) given high equity in today’s market.
• Network locally to understand what’s really working.
• Accept that wealth in real estate is slow but steady—instant riches are fantasy.

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Closing Thought

Don’t aim to be average. In this market, focus, learning, and steady action can set you apart—if you do the work.

Connect with Michael Zuber:
One Rental at a Time (books, website, YouTube, Instagram)

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For more on strategies, buy boxes, or market insights, visit biggerpockets.com

Transcript

[Dave Meyer]

You need a plan to create your

[Henry Washington]

own income because expenses are up while

[Dave Meyer]

wages are not, and every day brings more layoffs. So you can't just rely on a company to sustain your livelihood for the next couple of decades. You need something of your own.

[Henry Washington]

And if you want that something to

[Dave Meyer]

be real estate, now might be the best time in more than a decade to get it. Just buy one rental at a time. Hey, what's up, everyone? I'm Dave Meyer, chief investment officer at Bigger Pockets. Henry Washington is here. What's up, man?

[Henry Washington]

How you doing?

[David Greene]

What's up, Dave? So glad to be here and super excited for this conversation. Michael has been a buddy of mine for years, and this guy knows his stuff.

[Henry Washington]

Yeah, this one is going to be super fun. We have Michael Zuber on the show. You might know him from his channel,

[Dave Meyer]

One Rental at a Time.

[Henry Washington]

Michael has been investing for 25 years, and today he's going to explain why. He honestly sees 2026 as the best

[Dave Meyer]

time in a decade to buy properties.

[Henry Washington]

And this is not a guy who says this all the time. He genuinely believes this. He's also going to share with us

[Dave Meyer]

how anyone can become an elite investor and instantly spot which properties to buy in just 20 minutes per day.

[Henry Washington]

And that's it.

[Dave Meyer]

That's really what he says it takes

[Henry Washington]

to be successful in this game. 20 minutes per day to create an income stream of your own and secure your financial future.

[Dave Meyer]

Let's bring on Michael.

[Henry Washington]

Michael, welcome to the BiggerPockets podcast. Thanks for being here.

[Michael Zuber]

Thank you, David. I appreciate the opportunity. What's going on, Henry?

[David Greene]

What's up, buddy?

[Henry Washington]

It's going to be a lot of fun. So, Michael, give us a little bit of background for those who are new to the channel. Tell us a little bit about yourself

[Dave Meyer]

and your background in real estate.

[Michael Zuber]

Well, I go way back with BiggerPockets. I was originally a BiggerPockets blogger back in the day. I've been ride or die biggerpockets since probably 2011 or 12. It's been a big part of my journey. It was the. It was the place investors went to be around other investors. There was no other place like it. And obviously, Bigger Pockets has gone on to. To great heights and it's been fun to watch. It was fun to be there at the very beginning and to be a casual observer from now. But, you know, my story is one probably. Like a lot of viewers, I'm a W2 employee. I realized that I wasn't going to make my wealth in the stock market. I suffered an 80% loss in the dot com crash. I came to real estate after that purple book. Rich dad, poor dad. And it sent me on an entirely new journey. My plan was to buy four. And why four? I figured if I got four in my 30s, that's when I started. I would pay it off by the time I'm 60 or 65 and I'd have options at retirement. And you know, once you get in this game, you realize there's lots of things to do. And I start in 2001. So even before the run up, I was doing this and probably what, you know, set me on a new trajectory is in 2006 I saw a Bruce Norris event which I paid to go to and he said California was going to crash. And of course that caught my attention because I had all my wealth in California and you know, I didn't understand half the things that he said. But he did key on this thing called the affordability index. And I realized that Fresno was the most unaffordable it had ever been. And you know, I'm one guy to take action. So we 1031 out of the eight homes that we owned and moved all our equity into apartment building. So we went from eight to 80 in 2006, which was great timing. Yeah, because we didn't suffer any of the pain and then we just kept going hard during the crash. So yeah, that's who I am.

[David Greene]

See, this plays perfectly into my. Let's have Michael on the show and have him predict what's going to happen in the next five years. He clearly predicted the 2008 crash and got out ahead of time. So.

[Michael Zuber]

Yeah, well, I mean it goes even further than that. So if you want to really talk about fun things, I retire in 2018, I go on to flip 56 homes. I stop in 22 in the market obviously gets much harder for flippers after that. I just recently went out and extracted nearly a million dollars in equity right before the Iran war because I was getting ready to go shopping again. So, you know, I got, I got cash out debt at 599. You know, today that's probably six and three quarters. So, you know, when you pay attention to the market every day, every day for 30 years, you kind of see things coming. And yeah, I've made several pretty good moves in real estate.

[Henry Washington]

But we're just going to give you the floor then what's coming next? If you could predict the future, help us.

[Michael Zuber]

Well, I'll tell you what I think is happening right now. I think 2026 is going to Be a horrible year for everyone except BiggerPockets and one rental at a time fans. Why do I say that? And I mean that with all seriousness, why do I say that? Investors, who I think our audiences are, what do we want? We want more options, I. E. More active inventory. We want less competition. Right. CNBC just put out a survey today that basically said 60% of buyers are delaying or out of the market. So that's net good for us. And we're going to have more motivated sellers.

[Henry Washington]

Right.

[Michael Zuber]

We have seen record relistings. We have seen, you know, days on market growing. So yeah, if you're a seller, it sucks. If you're a flipper, it sucks in most of the country. But if you're a buyer who has a buy box and a focus and a discipline, you should be writing disrespectful offers every day. You should be following up every day. You should be learning creative financing. Seller second, seller first. This is the time we make money. Investors make money when we have more options and less competition. This is the best real estate market for bigger pockets in a freaking decade. I've been saying most people think it's 21. No, it's 26. This is the market. We should go ham. If you are a buy and hold long term investor, like I think most of our audience is, this is our market. Don't get me wrong, it will take work and follow up and lots of offers and that, you know, being told no a hundred times. Yeah, but who cares? You only need one yes answer.

[Henry Washington]

I am so happy you said this. Michael Henry and I talk about this all the time. It's, you know, there's all these headlines like prices are going down. Good, that's great. Inventory is going up. Fantastic. Thank you. This is, I think I'm seeing better deal flow now than I have since 2019. Probably at least maybe before that. And there's still garbage out there though. Like, I think that's kind of the thing that people are seeing is if you're just a casual observer and you go on Zillow, the majority is garbage. And so people are getting discouraged. So maybe you could tell us a little bit more about your, your process. You mentioned making disrespectful offers, but like, how are you wading through the bad stuff, overpriced stuff out there to finding that one.

[Dave Meyer]

Yes.

[Henry Washington]

That you were alluding to?

[Michael Zuber]

I believe every investor should have what I call a buy box. It's a focused set of criteria that produces a finite list of opportunities. I believe most new investors Overcomplicate this game. I believe you should have a set of criteria. And I'll give you my criteria from 2001 in a minute just to give you an idea. Yeah, but it should produce 20 to 40 active listings. Anything less, it's too tight. Anything more, more, it's too, it's too much. So here's my criteria from 2001. 93703, that's a zip code in Fresno, California. Single family homes. So not duplexes, condos, trailer parks, mobile homes, single family homes, three or four bedrooms, so not small, not big. Single story, two car garage between, I want to say 1200 and 2000 square feet. Right. Why did I do that? Well, I needed a set of criteria that produced an active inventory of 20 to 40 listings. Why? I never lived in Fresno. I never knew anybody in Fresno. I could not learn the market of Fresno. It's half a million people in 2001. Now it's a million people. How the hell am I going to learn a market that big from three hours away? I'm not. Yeah, I had to get super micro focus. And then I look every day. It's a 20 minute activity. Put in that criteria today, it's a saved search. In 2001 it wasn't. But you just saved the search. Hit it again. And all you do is you document what's changing. And for the first 90 days to 120 days, you're not doing squat except seeing what sells and seeing what changes and all of these things. And then at some point you're going to come to a realization that you can speak to the average. So the average deal produces three and a half percent cash on cash. I call it a yield. But it's basically down payment, closing costs, make ready and then the expected yearly cash flow that produces a percentage. So what you're trying to do with this criteria is not buy. You're simply trying to articulate to yourself or anybody else who's listening is what is the average deal in my buy box. I do not want you writing an offer at all until you could tell me succinctly what an average deal is. Why? Because most people can only buy one deal. And I don't want anybody in my world to do an average deal. We are only going to do great or, you know, legendary deals. So if an average deal is three and a half percent, I don't want you doing anything less than five and a half or six. Right. If an average deal is six, I don't want you to do anything less Than nine. This is a game of doing great deals. And again, as we said at the opening, this is the best market in a decade to find and. Or create those great deals. So that's. That's what people should be doing. I think too many people, rush, rush, rush. I need to buy. They got, like, money burning a hole in their pocket, and they're like, hey, the first deal is going to be my education. Hey, if you want to lose money, just send me a check every month.

[Henry Washington]

I'll educate you.

[Michael Zuber]

Just send me a check and. Oh, you feel better. Okay, great. No, do the work. Do the work, do the work.

[Henry Washington]

I love this, man. I mean, this is. I'm excited to have you on, Michael, because this is kind of the philosophy Henry and I have been talking about all the time and makes a lot of sense. I've never heard this 40 active inventory number, though. I like that. That's a really good benchmark. But how'd you come up with 40? Is that something like, you know, you need to make 40 offers to be able to get acceptance?

[Michael Zuber]

It was really a time constraint because, again, I was a busy tech worker. I was traveling all over the world. I didn't have a lot of time. I was raising a family, and I. I only could allocate 20 to 30 minutes a day to my. To getting better. And I found that I could go through 20 to 40 active listings in 30 minutes. It was really that simple because I believe most of us, certainly the W2 employees, we don't have a lot of time. Time is our constraint. And again, if you're going to learn something, it takes daily repetition. That's the other thing that drives me crazy. I tell people 30 or 20 minutes a day, seven days a week, they're like, michael, I don't have time, but I'll do five hours on Saturday. No, I don't care. No, that's not it. You got to see what's happening every day in your buy box. Because once you document the buy box on Monday, it really doesn't change that much. Tuesday, Wednesday, and Thursday. Right. There'll be some days that nothing changes.

[Henry Washington]

Great.

[Michael Zuber]

You're done in three minutes. But document the changes and move on. Yeah. So again, it's. It was really a time thing.

[David Greene]

David, Pastor Zuber is taking us to church right now. I love it. Amen, brother. This is the. The articulation of what Dave and I have been screaming about. So I love that you're coming in and. And schooling us all in what is probably the most amazing time I've seen to buy property in the real estate market. And every time I say that, people look at me like my head's on backwards. I'm like, man, this. This is what you asked for.

[Michael Zuber]

Yes.

[David Greene]

Like, if you decided to invest in something, the goal is to buy low and sell high. You don't just get to buy low because you feel like it. You have to buy low because the conditions indicate an opportunity to do so. So if you decided to invest in real estate, what you asked for was an opportunity to get properties at a discount. And that is exactly what the market is offering you right now. Nobody said it's going to be comfortable when those opportunities are around. Nobody said it's going to be fun. Nobody said it's going to be easy. Nobody said it's going to be a good old time. Actually, everybody said it's going to be exact. Everybody who's done it before said it's going to be exactly the opposite. They said it's going to be terrifying and scary and horrible and you buy all that you can that makes sense for your wallet and for your buy box and for your market. Because you make money in times of pain and when everybody else decides it's a good time to buy, you should be looking to optimize your portfolio. What should I sell? What should I get rid of? What should I. 1031. Into something else. While it's a good time to get rid of properties, how to maximize on the people who aren't doing this research that Michael is talking about every day. This is investing, not real estate. Investing 101. Investing 101. Buy low, sell high. So if you think it's uncomfortable right now and you think it's scary, guess what? You're right. Go do it anyway.

[Michael Zuber]

I love.

[Henry Washington]

I love the passion of this episode so far. We're just yelling. We're all agreeing, but we're yelling at each other.

[Michael Zuber]

Well, it's really funny because you're right. I mean, people look at me like I have a third eye. When I tell them today's the best real estate market in a decade, they're like, what are you talking about? You're talking your own book. I'm like, come on, that guy. What do you want? You want more inventory or less? Oh, of course I want more. Do you want more or less competition? Well, I want less, and I want more motivated sellers. I'm like, we're three for three. Get out of your own way.

[David Greene]

So with that being said, Michael, there is. There's a subset of people listening to this episode who are in the boat that you're talking about. So. So I think the people who are poised to do the best in this market right now are the ones who have already positioned them to be able to take action. But there's a subset of people right now who want to be able to take advantage of this market, and they may not have started to position themselves appropriately to be able to act quickly. What steps should those investors be taking to prepare themselves and ramp up quickly so that they can take advantage of some of these opportunities in this current environment?

[Michael Zuber]

Well, the good news is, is this market will last a while. A while being six to 18 months at least. So again, you have time. If you're watching this episode, you still have time to do it. But I'll go back to my earlier buy box discussion. I do not want anybody in my world to just start writing offers blindly until you have a buy box. Step one, until you can articulate what an average deal in your. In your buy box is, which usually takes 90 days, I don't want you writing squat. You're gambling. This is not a time to gamble. I have been there, done that in the dot com crisis and it crushed me. I turned seven grand into 200 only to see 200 declapse to 40. You want to feel like a miserable loser, watch 160 grand evaporate because you're gambling. That sucks. Don't do that. I don't want anybody gambling. So again, get a buy box. Get disciplined. Look at it every day. In 90 days from now, you can talk to David, Henry or I and say, my average yield is X. Then you can go write deals that produce X plus. That's the process for everybody. And you're right, a lot of people are, you know, a lot of people hopefully would be convinced to take action, but it doesn't not. You can't write offers until you know what you're doing.

[Henry Washington]

Michael. This is something I've same concept, but I've called benchmarking. Like, you have to know the benchmark in your, in your area, right? But people struggle with like, how do you actually go out and do that? So let's talk through that. But we got to take a quick break. We'll be right back.

[David Greene]

As a host, the last thing I want to do or have time for is to play accountant and banker. But that's what I was doing every weekend, flipping between a bunch of apps, bank statements and receipts, trying to sort it all out by property and figure out if I was actually making any money. But then I found Baselane and it takes all of that off my plate. It's BiggerPocket's official banking platform that automatically sorts all of my transactions, matches my receipts, and shows me my cash flow for every property my tax prepper's done and my weekends are mine again. Plus, I'm saving a ton of money on banking fees and apps that I don't need anymore. Get a $100 bonus when you sign up today at baselane.com BP BiggerPockets Pro members also get a free upgrade to Baselane Smart that's packed with advanced automations and features to save you even more time.

[Dave Meyer]

Everybody has a space that's sitting there quietly, costing them money instead of making it a guest room holding random storage and a treadmill that hasn't been used in months. A second home that only gets used a few weeks a year, or your primary home while you're traveling, just sitting there fully capable, producing zero return while you're away. It's actually a great opportunity to list your space on Airbnb and let it start earning for you. And if you've ever considered listing your place but assumed it would be too much to manage, there's an easier way. Now. With Airbnb's co host network, you can hire a vetted local co host to handle the details for you. A co host can create your listing, manage reservations, handle guest communications, and even provide on site support, giving you experienced help to take care of your home and guests without having to manage every detail yourself. So whether your space is empty on weekends, during certain seasons or most of the year, it doesn't have to sit idle. It can start producing extra income. It's a practical way to make more of the space you already have. Nice when something around the house finally starts contributing, find a co [e-mail] host everyone loves talking about big returns, but here's the problem. Returns don't tell you how efficient your investment actually is, because once taxes hit, that great deal can look pretty average. That's why a lot of experienced investors focus on multifamily not just for cash flow, but for the tax advantages. Depreciation can help offset income while the property is still producing. BAM Capital builds its strategy on that reality, focusing on active asset management and tax aware structuring to help accredited investors navigate complex markets. If you're exploring passive real estate, understanding this tax efficient framework is a great place to start your due diligence. Learn [e-mail] Bam only for accredited investors. Past performance is not indicative of future results. Most deals don't fall apart because of the numbers. They fall apart because of the financing. You find a property that cash flows, the deal makes sense. But then the lender looks at your personal income, your tax returns, your debt to income ratio, and suddenly the deal doesn't qualify. That's the disconnect, because as investors, we're not buying based on our W2, we're buying based on the asset. That's why Host Financial offers DSCR loans designed for real estate investors, where qualification is based primarily on the property's income, not your personal finances. So no W2s, no tax returns and no DTI requirements. And with loan to value options up to 80 or even 85% on eligible deals, you can keep more capital available as you grow. If you're buying rentals, refinancing or scaling your portfolio, go to host financial.com that's h o s t financial.com and see what you qualify for. Turning away pet owners might feel safe, but it could be costing you more than you think. Today's travelers are bringing pets and they're willing to pay for the right property. The challenge is knowing which pets are a good fit and which aren't. That's where pet screening comes in. It gives you a clear, standardized way to evaluate pets before they ever show up so you can feel confident in your decisions. Even if you have a no pet policy, you are still required to accommodate service animals. And having the right process in place matters. No more blanket policies, just better information and fewer surprises. Ready to make smarter pet decisions? Head to biggerpockets.com petscreening and sign up for a demo. Welcome back to the Biggerpockets podcast.

[Henry Washington]

Henry and I are here with Michael Zuber talking about why Michael thinks that this is one of the best times to buy real estate in a decade. And now we're going to talk about how you actually go and take action. Michael said you need to know what the yield is in your market once you've had this buy box. So Michael, talk us through. Like how do people go from designing a buy box to understanding what a good deal actually looks like in the market they're looking at?

[Michael Zuber]

Yeah, so the yield calculation is a lot simpler. Right. I'm an accountant, econ mba and I had my first Excel spreadsheet way back in the day that was multiple tabs and it's just chaos. I really boil it down to a very simple spreadsheet, so I'll try to articulate it here. There are really only two Numbers that matter to calculate yield. And I'll talk about the denominator first. And the denominator is the bottom number. This is how much money do you have to take out of your bank account to buy an asset and make it rent ready? So in broad strokes, those are three things. One, your down payment, two, your closing costs. And three, make ready if any, sometimes that's zero, if it's turnkey, sometimes it's a big number if it's a full gut rehab. But those are the three numbers on the bottom. On the top is your yearly expected cash flow. So part of this 90 day period, you're going to have to go figure out what the average rent is for your defined buy box. You're going to have to figure out your taxes, you're going to have to figure out your insurance, you're going to have to figure out your reserves and all of your expenses, right? Capital reserved for bad debt, bad tenants, all of those things. What will happen is that rent minus all those things will produce a monthly cash flow. You take that number times 12 because there are 12 months in the year and that is your top number. So for example, let's say it's 200 bucks a month. So 200 times 12 is 2,400. And just for easy math, let's say the bottom number is 24 grand, right? Down payment, closing cost repairs is 24 grand. You divide those and in that very, very simple example, the answer is 10%. That's it, right? You do that across all of your active inventory. You know, some will be 10, some will be 4, some will be 11. That then will, at some point you go like, oh, I got it. The average is 8.2. That's how you do it. It's just repetition. It's, it's daily. Daily. You do this and then eventually you, you'll notice what the average is.

[David Greene]

I like the thought process here and I just want to highlight for people who might have missed it, Dave asked, how do you do this? You gave a formula, but you also gave a recipe for what people should be learning as they're doing their research. And that recipe was understanding what the average rents are in the market in your particular buy box. It doesn't matter what the total market is if your buy box is outside of that. So pay attention to the rents in your specific buy box. Understand what taxes are on the asset you're looking to buy. If you're buying single family, much less than if you're buying multi family. Taxes are a big part of this Taxes have gone up substantially since Michael got in the game. Heck, since I got in the game. So it is a huge expense. It has gone up recently. Also topic for another time, you can actually fight these tax costs. So if your taxes are going up and you don't agree with it, argue about it. Insurance, this is huge in some markets, more so than others. If you're in the middle of the country, less expensive unless you're in tornado alley. If you're on the coast, probably way more expensive because of storms, extreme weather and things. Pay attention to this. Some markets, it's a really big deal. Like California. There are less insurance providers in California now than there was a year ago. Who knows if that's going to continue. But it's very expensive. So study these things. These are things people didn't have to study before because they weren't really needle movers. But now they are deal killers. If you are not researching, understanding them and adding them to your underwriting. And then reserves. What Reserves? What's that mean? Michael, do you. Are you saying you actually have to have some money?

[Michael Zuber]

Yeah, I would, I would strongly suggest if you're going to be a buy and hold investor, you have some reserves. Not only in the game, but you should be reserving some every month. And that's what a lot of people miss.

[Henry Washington]

It's not your money, it's the business's money. Put it away.

[Michael Zuber]

Here's the deal guys. I think getting wealthy is a remarkably simple three step process that most people miss in real quick. You know, step one is you have to create discretionary or disposable income. That's basically money you could light on fire and nothing changes. Right? Why is that important? Because that becomes the seed capital, that discretionary income that you sock away every month, every week, whenever you're paid, become seed capital for step two. Step two is you got to become an elite investor. And I'm trying to give you the formula to become an elite investor, right? Get a buy box, get focused, learn taxes, learn insurance. Like you need to become the expert in that set of criteria. Because what is an elite investor do? A lead investor can see value like that. That's what the magic of this game is, is I could tell you in 937033 or four bedrooms single family homes, two car garage, 1100-2000 square feet. What a deal was. Why? Because I looked at it every day for three freaking years, right? Nobody was gonna beat me on that market. And then you hold for a decade. And this is why I brought this up is because if you don't have reserves, you're gonna get busted out. Like, you guys don't know my story, but my first property, Norris Drive, I was so happy after spending a year to find it. I did everything right with tenant selection, but they got divorced the first month they moved in. The wife took off. The husband became a drunk and lost his job.

[Henry Washington]

Oh, God.

[Michael Zuber]

And he destroyed my property, the tune of 15 grand. I never received a rent payment ever.

[Henry Washington]

Oh, my God.

[Michael Zuber]

Never did. I got a first month in deposit when they moved in, but I never saw another dime. And I had to evict him. And I had to do a 15k remodel on something I just remodeled. Right. That would have busted most people out, but.

[Henry Washington]

Right? Yeah.

[Michael Zuber]

The story goes on. We end up 1031 out of Norris Drive into an apartment building we still own. So there is a happy ending. But I almost busted out on my first property.

[Henry Washington]

This is the whole game, right? You have to stay in it. The way you lose money in real estate is being forced to sell, right? Like, that's it. Never be that if you stay alive, you're going to be all right. Like, that's. There's always risk, right? Things could happen. But, man, it's pretty tough to lose money in real estate over the long run. If you just have enough cash in the bank account to weather your storm, if that means you buy, you have to wait an extra year to buy your second property, that's fine. Like, you should actually do that.

[David Greene]

People get confused because they think buying real estate and owning real estate are the same thing. You can absolutely buy real estate with none of your own money. That is very possible. Doesn't mean you should, but it is very possible. But you cannot own real estate unless you have some capital because of things like that. Things break. People need things fixed quickly. Or even if you're just a flipper, yes, you can. I bought a house Yesterday. I paid $0 to buy that house. Guess what happens 30 days from now? They want a payment. I have to have money to own real estate.

[Henry Washington]

It's also like, it's not even. Just defensive, too. Like, you can be more opportunistic if you have capital, too. If you buy something and then someone down the street is selling, or you have an opportunity to renovate a property and increase rents or add an ADU in your backyard or whatever it is. Like, having capital allows you to be defensive and to take action when there's an opportunity in front of you.

[Michael Zuber]

I'll give you two examples with that Because, David, you're onto something again. Assuming you've done the upfront work, the buy box, you know, average. Now, let's get fun with this, right? So what am I doing today? I told you earlier, one of the things I did, again, luckily, is I raised a million dollars before rates went up. What am I doing now? Well, I'm basically writing two offers on properties that I want. I'm writing a ridiculous offer, disrespectful cash offer, and I'll give you some examples. Let's say the property is 300. I might write it at 205, right? Just something crazy like that. And then I'm going to write a second offer with seller financing, right? And I might Write that at 275. But I'm even doing more work today than I was 20 years ago. Because now I can go to Propstream or like system and figure out the debt structure, the equity position. I can figure out, can this seller say yes? Because, hey, if they got a 97% loan to value, they're not going to say yes to a seller financing, so why waste anybody's time? But if I can go find who's got greater than 50% equity, I can, I can write all kinds of creative offers. And back to our opening conversation. This is the best market in a decade, not only for prices. That's what a lot of new investors get wrong is they always think price, price, price. Many times it's terms.

[Henry Washington]

You said something about price, Michael. I think it might be the best time literally ever to pursue this kind of strategy with the amount of equity that people have in their homes right now and the number of people, almost 40% of homes are owned free and clear. And so if you look at just demographic trends and the economic trends where, you know, I don't think we're going to have a quote, unquote tsunami where everyone puts their house on the market at one minute, like some people are saying. But a lot of that inventory will become available over the next 10, 15 years because old people always sell. I think that's the thing, the silver tsunami people always miss. But this is an opportunity.

[Dave Meyer]

They have a lot of equity, a

[Henry Washington]

lot of them own it free and clear. Like, this is one of the best times to negotiate maybe ever with these kinds of things.

[Michael Zuber]

It's funny you bring that up, David. I've never thought about this. So I've been buying real estate for almost 30 years, and I will actually agree with you 100%. This is the best market for that kind of offer. And again, I was investing in the crash. But that didn't make sense, right? Everything was leveraged. Yeah, leverage. Yeah. Short sales and foreclosures. You're absolutely. I had never thought about that. That this, today is the best opportunity most equity. And again, we have the tools.

[David Greene]

People got a bump in Covid years, so everybody got everybody. I'm sorry. Everybody was a genius and bought before COVID And so.

[Henry Washington]

Oh, yeah, yeah. Excuse me. Everyone takes time. The market perfectly. You know, Michael, I actually want to get back to something you said earlier when you were talking about figuring out your yield. When you were talking about what's a good deal in your market, you specifically did not mention appreciation or any type of value add. So I take that that's intentional. And can you explain to us why

[Michael Zuber]

again, you got to remember what I've seen over 25 years. I've seen the crash up close and personal. I've saw people with $10 million balance sheets go bankrupt, divorce, and leave the game. I. And as I said in my wealth formula, the whole idea of getting wealthy is you have to hold for 10 years. And appreciation is smoke. It's just smoke. It's not real until the day you sell. And I'm a long term buy and hold investor. I will include value add if it increases rent. Like, for example, one of my greatest things is to buy a two bedroom, but convert it to a three, assuming the square footage works. So, yeah, I will do the math, including make ready of adding a door, a closet in that. And then I'll have the rent go from, you know, a two bedroom might be 900 to a three bedroom being 1450. I'll do that. Like that will be included. But I have to have the plan. I'm not. Oh, it's got a new kitchen and bath. That doesn't give me rent. Are you kidding me?

[Henry Washington]

I think that sort of always makes sense, but particularly in this market. Like, no one knows what's happening with appreciation. My best guess, I've told you guys many times, I think we're going to be flat for a while at best, maybe going down. And so that scares off people. That is the reason why there will be less competition. But it also means you shouldn't be counting on that. The way you build equity right now is buy cheap.

[Dave Meyer]

Right.

[Henry Washington]

That's how you get equity right now.

[Michael Zuber]

Make your money when you buy.

[Henry Washington]

Exactly.

[David Greene]

Take appreciation out of your underwriting. Buy it if it works, without it, if you get it, that's awesome. And appreciation is real, guys. You just got it a couple of Years ago. It's going to be a while before you get it again.

[Henry Washington]

So yeah, if you look at real home prices, and when I say real, I mean inflation adjusted home prices a lot of the times historically, even if the number on Zillow, the nominal home price is going up, the real inflation adjusted home price is pretty flat for like long periods of time. And then you get these bumps. Right.

[Michael Zuber]

Done research back to 1950. The people are shocked that the real adjusted return is only 1%.

[Henry Washington]

That's right, exactly. It's barely above inflation. And actually what happens though is like a lot of times it's flat, real or right now it's down, it's been down for several years. And then you get these pops. It actually looks like a staircase when you look at, at real home prices.

[Michael Zuber]

Right.

[Henry Washington]

And so the game with appreciation is don't count on it. Be in the game when that stair step happens. And we're not all Michael and can't predict it. Like, if you hold it for 10 years, you're probably going to get one of those pops. If you hold it for 20 years, you'll probably get two or three of those pops. And so that's why you just stay in the game. Just stay in the game.

[Michael Zuber]

The getting wealth formula is people don't like it because it takes time.

[Henry Washington]

That's right, Right.

[Michael Zuber]

I don't know if it's social media or whatnot, but everybody wants instant gratification and it takes a decade. If you can hold and be in the game a decade, your chances of getting wealthy are really, really good.

[Henry Washington]

Problem with real estate right now is not the market, it's people's expectations. They've just gone crazy. People are thinking, oh, I'm going to buy this asset with someone else's money and I'm going to retire in two to three years.

[Michael Zuber]

What?

[Henry Washington]

Like, how entitled are you to think that you could do that? Like that's insane. Like you're going to have to work for it.

[Dave Meyer]

And honestly, it's not that much work.

[Henry Washington]

Like Michael just said, 30 minutes, seven, seven days a week. Are you willing to give three and a half hours a week for 10 years to get rich? Yeah, I hope so. I hope because otherwise you're going to do it 50 hours a week for 45 years and probably not get R branch.

[Michael Zuber]

Right.

[Henry Washington]

So it's just the math is still so compelling. It's just not what a lot of people on the Internet are screaming about right now. And I mean, just be smarter than that. See past that and follow this. All right? This is great stuff with Michael Zuber, but we got to take a quick break. We'll be right back.

[Dave Meyer]

If my house had a resume, it would probably say great at structure and not much else. I'm the one paying the mortgage. My house mostly just stands there looking supportive when you're away. It doesn't actually have to sit empty though. You can list your space on Airbnb. And now Airbnb has something called the Co Host Network, which makes it a lot easier to do. A co host is a local, experienced host who can help manage all the details. So hosting stays stress free and manageable. So instead of your home just sitting there while you're away, it could actually help bring in a little extra income. Find a co [e-mail] host quick gut check if your investments are generating income, how much of that are you actually keeping? Because a lot of people, they focus on yield and ignore tax impact completely. Multifamily real estate, though, tends to solve for both. You get cash flow and with depreciation, you may be able to reduce your taxable income at the same time. That's the approach BAM Capital takes. They're not chasing flashy deals. BAM focuses on the long game, prioritizing steady execution and the potential for tax efficiency over time. For accredited investors who want real estate exposure without the day to day work, it's a model worth looking at. Learn [e-mail] Bam only for accredited investors, past performance is not indicative of future results Billion dollar investors don't typically park their cash in high yield savings accounts. Instead, they often use one of the premier passive income strategies for institutional investors, Private credit. Now the same passive income strategy is available to investors of all sizes thanks to the Fundrise Income Fund, which is more than $600 million invested and a 7.97% distribution rate. With traditional savings yields falling, it's no wonder private credit has grown to be a trillion dollar asset class in the last few years. Visit fundrise.com pockets to invest in Invest in the Fundrise Income Fund in just minutes. The fund's total return in 2025 was 8% and the average annual total return since inception is 7.8%. Past performance does not guarantee future results.

[Henry Washington]

Current distribution rate as of 12312025 carefully

[Dave Meyer]

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[Dave Meyer]

People love to call real estate passive income, which is interesting because most of the investors I know are very busy. Busy finding deals, busy managing teams, busy worrying they picked the wrong market. Rent to Retirement flips that model. They help investors buy turnkey new construction homes, often 10% below market value. And in top rental markets across the country, their local teams handle the build, the property management and the details so you don't have to. In some cases, Investors even receive 50 to 75% of their down payment back at closing. And there are interest rates as low as 3.75%. They've been trusted partners with Biggerpockets for over a decade. And if you want to learn more, visit biggerpockets.com/retirement welcome back to the Biggerpockets podcast. Henry and I are here with Michael Zuber.

[Henry Washington]

Let's jump back in.

[Michael Zuber]

I wonder what you guys think of this. I just changed my opinion on this. So for the longest time, I believe the average American could get rich. I now no longer believe that. Right. If you look at the average American, we're broke, fat, out of shape, divorced, and, you know, whatever. It's a whole list of nastiness. What I just tell people is who wants to be average, don't be average. So that's what I think today.

[Henry Washington]

Yeah, the middle class is just eroded.

[Dave Meyer]

There's just less of a middle class

[Henry Washington]

than there was 20 or 30 years ago. It's very difficult to get a career and get anything other than average and

[Dave Meyer]

even below average now.

[David Greene]

I also used to think that entrepreneurship and or Investing isn't for everyone, that only some people should or need to do this. And there's probably still an argument to be made for that being true. But I believe we are in a time now where it is less of a luxury and more of a necessity for almost everyone to have some sort of investment vehicle, side hustle, entrepreneurship journey, or a secondary job to help produce income. Oracle just laid off 3,000 people. Was it 3,000 people?

[Henry Washington]

Over 30,000.

[David Greene]

30,000 people. People overnight via an email. And that email was ruthless. If you think your job is secure, you're losing your mind. Things are way too expensive. And it is so much more important that you. Anyone listening? You have some sort of plan to create income, whether that be passive income or active income. But just relying on a company to sustain your livelihood is no longer the comfort that it used to be. We have to do something more now. And, and I used, I used to stand up and say, hey, this isn't for everybody. Not everybody. I get it. If you just want to go get a job and live your life, that's awesome. I do not agree with that. Take anymore. I think you have to be able to do something. It may not be investing in real estate. It may not be that you need to go just start a business or buy a business. But the good thing through all of this change is that we have this thing that you're listening to Dave and Michael and myself on right now called the Frick fracking Internet. And it has created so many ways and opportunities for people to be able to take what's in their head and turn it into dollars in their bank account. Especially with the use of tools like AI. It's not easy, it's not fun. You shouldn't have to do it.

[Michael Zuber]

It.

[David Greene]

I agree, but I don't know that people have as much of a choice anymore.

[Michael Zuber]

I agree with a lot of that. You know, step one of the wealth formula again is creating discretionary income. What we didn't get into is there's only three ways, right? If the goal is to have more money at the bottom line, you only have three choices. You can cut expenses, you can increase income, or you can do both. Those are the only three options.

[Henry Washington]

Yeah.

[Michael Zuber]

So what did Olivia and I do? We were living check to check because we were spending every penny. We were just like Everybody else at 30 years old. We did a deep analysis. We ended up cutting 20 or 30% of our spending immediately because it was just, you know, wants versus needs. And we, you know, we did our needs, but we stopped doing Wants for a decade. Again, sacrifice. But you can also increase revenue. And what I'll tell you Today, as a W2 employee, I don't see myself as an entrepreneur. You guys certainly more entrepreneurship than I am. But you're absolutely right. It has never been easier to take your passion. Like if you're my age, right. I'm 50 frickin three. And you have had a hobby for 20 years. It might be Star wars, it might be classic Mustangs, it might be rare wine. I don't care what it is. But you can take that 20 years of passion and produce income from it. You can find your tribe, your community online, start a YouTube channel, get. I mean there's just so many ways, you know, I am not an entrepreneur. I started a channel called One Rental at a Time in 2018 because I was bored. I now have 24 income streams off of that YouTube channel. It's absurd. What happens if you just stay disciplined?

[Henry Washington]

Beautiful thing about real estate, as we say on the show, you're not inventing something new. This is one of the oldest businesses in the history of the world. Like it, it predates capitalism. Like this is the most stable business that you can come up with. You don't have to think that hard. You have to be good at it. Like Michael said, you have to be good at it. You have to put work into it. But you don't have to be Steve Jobs, you know, like that's the really nice thing about it. Because I don't want to invent something new. I just want to do what other people have proven already works.

[Michael Zuber]

Yep.

[David Greene]

Buy something with an opportunity to add value or increase value. Increase set value. Monetize at new, higher value real estate. Buy my course.

[Michael Zuber]

There you go again. That's the whole, that's the whole game. And again, if you could find. That's why most investors fail is they're not focused. I mean, you guys probably see it all the time. Like I do, right? I want to get started. I want to get started. I'm looking in Denver and Philly and Austin. Like you're, you're going backwards. What the hell are you doing? Oh, I want to do apartments and sub two and this and that and blah blah. Dude, stop, stop. 20 minutes a day. Focus, focus, focus.

[David Greene]

One of the things I think that you said that was important was recognizing value. Right. I like the opportunity you said about turning two bedrooms into three. Are there some other tactical things that people can look for when they're just looking at a basic old real estate deal or a basic Old house. What are some things they can have their eyes on to say, you know what, that might be an opportunity to add some value.

[Michael Zuber]

Yeah. What I've seen, having helped people across the country, is like you said earlier, certain markets, certain things work. Like the Northeast, seattle. Right. Adding ADUs, or San Diego. Kind of the same play is again, by having this tight buy box, you not only learn that, but you also learn what other people are doing because some properties are being sold, some transacting, and you can see what people are doing with those. So if you're in a market where ADUs are a thing, you're going to learn that, hey, the lot's got to be greater than 6,500. It has to have alley access so you can get in and out. Right. You're going to learn these other things. If you're in a market where there's a density problem and you have a, you know, a big, I don't know, a 5, 3 that you can convert into a 3, 2 and a 2, 1, basically your investor eyes come with. That's what, that's why repetition is so important. You can see what's transacting and what's not transacting. What has to be. Prices have to be lowered. Like what sells first day. You might want to understand that some assets are selling the first day while others take 90 days. Well, you get to go figure out why. Why did that. Oh, that was a corner lot. Why are corner lots important? Well, that gives me two entries to the house. Maybe that's a thing. Right. So again, your investor eyes come with repetition. And again, that's why most people fail, is because they're like, hey, nothing changed and I'm going to go look at something else. So again, the first year is all about focus, focus, focus.

[Henry Washington]

This is something people can also talk to their agents about. Like, if you are struggling with this,

[Dave Meyer]

call your agent and ask them what

[Henry Washington]

is selling right now? Because I'm seeing this where I live in Seattle. Right. It's slowing down. Some stuff is still flying off the shelves.

[Dave Meyer]

Right.

[Henry Washington]

It's like completely dependent. And you call an agent, they'll tell you what exact features they're looking for. They might not know everything, but that can at least point you in the right direction of what kind of things to be looking for and give you a hypothesis to look after.

[Michael Zuber]

I'll go one level deeper. First and foremost, you should never talk with just one agent. You should talk with lots of agents. Yeah. And cross check the variables. But also, if you're going to get really geeky with this. Like, I did figure out who else is buying in your buy box because a, some of them will be homeowners, sure. But you'll actually have some other investors fishing in your pond. Go figure out who they are. You can do that via title or other systems. And go meet them, right? Go figure out what they're seeing and verify this. Because the great thing about investors is we talk about, right? We generally speaking, don't have a scarcity mindset. We have a. Like, there's more opportunity. So we're. Well, I've talked to people all the time. I've helped hundreds of people in my market of Fresno, California. We're not competition. Talk to as many people as you can. One of my rules is go meet two new people a week. And if you do that for a year, that's a hundred freaking people.

[David Greene]

I used to pull the neighborhoods I liked buying in or wanted to buy in and go find all the LLC owners. And then I would ask other investors at meetups who owns this llc so that I could meet them and talk to them. I want to know what you're buying. Why are you buying here? What did you see here that I don't see? Who are you using to fix these properties? Are you having trouble renting them? Are they like. I learned so much just by researching or I would just. Since I'm doing this all the time, I remember the names of the LLCs. And so when I hear somebody mention mansion or I'm at a meetup and I see something, something llc, I'm like, ah, you're the guy. Let me talk to you. Right? So I think part of this research that Michael's talking about, you can add to it by looking at past transactions. You can pull past transactions on Zillow and see what sold, when it sold, how much it sold for, who bought it, what. And then you can go and do a little bit deeper research and when you start to see trends, oh, you know, One Two Three Properties LLC has bought 10 homes in my buy box. Go find out who One Two Three Properties LLC is and talk to them. You know what investors love to do? Talk about their deals. They'll tell you everything. They'll tell you what they're buying, how they're buying it, how much they paid, how much of a genius they are for buying. You'll get so much information. Just let them talk, let them cook.

[Henry Washington]

Well, speaking of, maybe the last question here, Michael, before we get out of here, tell us about your deals. You just said you raised A lot of cash. Right. You got sitting on some dry powder. What are you holding that for? What does your buy box look like right now?

[Michael Zuber]

So again, I have two buy boxes today, so I have a. You know, I am looking to buy new construction in Vegas.

[Henry Washington]

Oh, okay.

[Michael Zuber]

One of the things, because again, I'm much older than you guys, one of the things I'm starting to think about is how does my portfolio look when I'm dead and I give it to my daughter right now? I do not want to pass on 100-year-old properties to her because she, you know, she doesn't want anything to do with this. So I'm looking to probably create a portfolio of half a dozen new construction today, which will be 30 years old, you know, when I'm gone, that she may keep. She's not going to keep the other stuff. So that's step one. There will definitely be one or two transactions there. But the big play I'm trying to make, something I've been tracking since 2022, is all these syndications that are going to go bust.

[Henry Washington]

Right.

[Michael Zuber]

There were so many stupid deals done in my market. Right. My market of Fresno, California, never should have been less than a six and a half cap. They traded down to a four and a half. Four.

[Henry Washington]

Yeah, yeah.

[Michael Zuber]

And I know there's a lot of busted apartments, so I got a lot of money sitting on the sideline because, you know, there's a good opportunity. I had 100 or 200 units via buying busted syndications. And again, I. I have relationships, I have lenders out there. I've done deals with banks for zero down on apartments before because again, I've been doing this 30 years. So that's what I'm trying to do is, is I want to be able to pick up another hundred units at 50 to 60 cents on the dollar, probably 100% finance with the bank. But they're going to need a big escrow because most of these assets are in disrepair. So that's what I'm looking for. You know, if it happens, great. If not, I'll pay off some debt and, you know, move on. But I think there's going to be an opportunity in the next 18 months to, you know, turbocharge the portfolio via busted syndications.

[Henry Washington]

Yeah, I think the busted multifamily market is about to get pretty right.

[Michael Zuber]

Really good.

[Henry Washington]

Maybe not today, but. Yeah, like next year. Two years. Yeah, yeah, yeah. For sure. There's. There's going to be a lot out there.

[Michael Zuber]

Awesome.

[Henry Washington]

Well, Michael, thank you so much for being here. This was a lot of fun dropping a lot of great insights. It was great to have you.

[Michael Zuber]

I appreciate the opportunity. David Henry thanks again.

[David Greene]

This was my first time in the One Rental at a Time church service, so I appreciate the invite. I'll be back next week. Pass around the collection plate. I'll donate, but appreciate it.

[Henry Washington]

Thank you family and Michael, if people want to learn more for you, watch your YouTube channel. Where should they connect with you?

[Michael Zuber]

One of the few things I've done right in life is everything is one rental at a time. Website, books, YouTube channel, Instagram. One rental at a time.

[Henry Washington]

Well, check that out. And thank you all so much for listening to this episode of the Biggerpockets Podcast. We'll see you all next time.

[Dave Meyer]

Thank you all for listening to the Biggerpockets Real Estate Podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify or any other podcast platform. Our new episode episodes come out Monday, Wednesday and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by Ian K. Copywriting is by Calico, Content and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter, please visit www.biggerpockets.com. the content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose, and remember, past performance is not indicative of future results. Biggerpockets LLC claims all liability for direct, indirect, consequential or other damages arising from a reliance on information presented in this podcast.